Cost US$7m per episode. Where did the money go?

It could be the writers took a disproportionate share (like on Terra Nova, where the writers got 10 million despite doing an absolutely *beep* job), but my guess would be some of the bigger name actors (Eva Green, Joseph Fiennes).

It was filmed in Ireland, the cost of it being very expensive I suppose. They built castle exteriors and interiors, something that would also be expensive. However, neither was that impressive. They could've filmed those scenes walking around in a forest or at a beach in New Zealand for cheap and got the same results.

I'm not saying "Camelot" was anything special, but I think the fact that it ran concurrently as "Game of Thrones" first season really did it no favors. Spending as much or even more per episode and comparing the overall results makes me feel a little embarrassed for the showrunners and STARZ. It has a "cheaper" look to it honestly and generally speaking, most of the costumes and sets do not even compare. I have heard that the production team involved in GoT though is adept at getting the most "bang for their buck" (and it shows). The one thing that is on par in my mind is the beautiful, super high-definition, stylized opening titles of the show. It is easy to see how it was nominated for an award.

I think the other posters raised valid points as well but who truly knows where all the money really went. I am always fascinated at movie & television show budgets and just how the money is budgeted. It really speaks volumes of the overall production and those involved in such things imho.